11/17/22 – What is happening to interest rates?

Well, as you can see from all the news outlets, mortgage interest rates are on the rise.  This is due to many factors, but mainly due to inflation and our economy.  With gas prices and the cost of goods sold rising, this directly affects the bond market, which in turn affects the interest rates.  Rates have been hovering around the mid to high 6’s, but has creeped up to over 7% for a short time.  Rates are always dependent on so many factors, for example:  FICO score, occupancy (is this a primary, secondary or investment), type of documentation provided (full doc ~ with pay stubs, W-2’s and tax returns, or using bank statements, or 1099’s, or your Profit & Loss statement or some other alternate documentation), your loan to value (how much you are putting down, 10%, 20% etc.).  Finding the best rate is a daunting task, but here at Southern Oaks Mortgage, Inc., we are approved with over 32 different lenders that offer the entire gambit of products, making it much easier for you to find the right loan for you!  Please reach out to us to see how we can find just the right loan for you!  661-964-2600

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